Five Properties in Four States, District of Columbia Take Home Annual Developments of Distinction Awards
SAN FRANCISCO, Sept. 23, 2024 /PRNewswire-PRWeb/ -- Properties in California, Colorado, Massachusetts, Missouri and the District of Columbia are winners of the Novogradac Journal of Tax Credits Developments of Distinction Awards for 2024.
The awards go to participants who strive for excellence in affordable housing. Eligible properties are financed by equity from low-income housing tax credits (LIHTCs) or U.S. Department of Urban Development (HUD) funding. This year's winning developments are:
- 250 Centre in Boston for Metropolitan Community Impact.
- Anglers Four Hundred in Steamboat Springs, Colorado, for Rural Community Impact.
- Blue Oak Landing in Vallejo, California, for Special Needs Population.
- 800 Southern Avenue Apartments in Washington, D.C., for Preservation of Affordable Housing.
- Keystone Family Homes in Springfield, Missouri, for Preservation of Family Housing.
Winners will be honored at the Novogradac 2024 Housing Tax Credit and Bonds Conference, Sept. 26-27 in New Orleans.
"Time and again, the professionals working in affordable housing showcase the creativity and innovative spirit needed to tackle the nation's need for affordable housing," said Rebecca Arthur, Novogradac partner and chair of the September conference. "This year's award winners are a sample of the types of exciting visions that developers, investors, syndicators, lenders and so many more are bringing to life."
250 Centre aims to transform a neighborhood in Boston that received little institutional and public investment, resulting in an area with high concentration of poverty. The 110-apartment, mixed-income property from The Community Builders Inc. aims to address that disparity, a major piece in a larger plan to fill vacant lots while preserving and restoring the Jackson Square neighborhood. The property received $14.2 million in federal LIHTCs and $5.3 million in state LIHTCs, with Raymond James and Clocktower Tax Credits LLC, investing a combined $19.5 million.
Anglers Four Hundred introduced 75 apartments to a Steamboat Springs, Colorado, community hungry for affordable housing as the number of applicants was nearly 10 times higher than the number of homes available. At the base of a ski mountain, the Overland Property Group-developed site is within a quarter mile of a bus stop, pharmacy and grocery store. The site received $12.6 million in combined federal LIHTC equity from Wells Fargo and state LIHTC equity from Sugar Creek Capital, as well as private activity bonds issued by the Colorado Housing and Finance Authority and local funds from Routt County and the Yampa Valley Housing Authority.
Blue Oak Landing in Vallejo, California, developed by Eden Housing Inc., delivered 75 apartments of permanent supportive housing on land donated by the city. The development houses individuals and families who are experiencing homelessness or who are at risk of being unhoused. Many residents previously either lived in vehicles, with friends or on the streets for years. The development received $23.4 million in federal LIHTCs and $13.5 million in state LIHTCs, as well as significant other sources. CREA LLC provided $35 million in combined LIHTC equity.
800 Southern Avenue Apartments in Washington, D.C, developed by Vesta Corporation, was the culmination of a multiyear renovation process that cost nearly $89 million. The effort transformed the former Park Southern Apartments, built in 1965. It includes updated apartments, common spaces, heating and cooling systems, outdoor areas, security systems and the building's façade. The endeavor faced multiple challenges coming to fruition, including material shortages and renovation during the height of the COVID-19 pandemic. PNC Bank provided a $25 million equity investment in federal LIHTCs.
Keystone Family Homes preserved a scattered-site, 297-apartment property in Springfield, Missouri. The Housing Authority of the City of Springfield and Knight Development used the U.S. Department of Housing and Urban Development's (HUD's) Rental Assistance Demonstration (RAD) program to rehabilitate the site, adding updated lighting, flooring and plumbing along with new clubhouses with office space and community rooms. Redstone Equity Partners provided $12.4 million in federal LIHTC equity.
Additional details about the award winners and information on how to nominate a development for the 2025 round of awards can be found at http://www.novoco.com/events/awards.
About Novogradac
Novogradac, which has been in business for nearly 35 years, has grown to more than 750 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, community development, historic rehabilitation and renewable energy. For additional information on Novogradac's personnel and areas of expertise, visit http://www.novoco.com or call (415) 356-8000.
Media Contact
Events Desk, Novogradac & Co. LLP, (415) 356-7970, [email protected], www.novoco.com
SOURCE Novogradac & Company LLP
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